Pink Pig Loans has secured a £1,080,000 bridging facility for a client who needed to purchase their onward property while their current property remains on the market.
The borrower was an 85-year-old looking to move home with his son, daughter-in-law and children.
The specialist finance packager and distributor said the client had a very tight deadline but working closely and efficiently with the lender, Masthaven, it managed to get the case completed with a few hours to spare.
The case had a number of obstacles to overcome, including getting the Land Registry details updated on the current home with a 48-hour turnaround – some charges that were redeemed up to six months ago were still showing on the Land Registry.
The loan was secured over two properties at 54% LTV on a rate of 0.53%.
Luke Egan (pictured), director of bridging and development, Pink Pig Loans, said: “This was a deal which had to be turned around very quickly. Masthaven were very good to deal with and not only provided the lowest rate but also did everything possible to help us out at every point we encountered an obstacle. This went a very long way to getting this deal done by the deadline of last Friday.
“I worked closely with our adviser, Sarah Stroud, and we secured a great outcome for the client. Special thanks should also go to Chloe Dineen at Masthaven for the fantastic service from start to finish.”